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Insolvency proceedings in Spain constitute a procedure intended to mitigate the possible prejudicial effects of insolvency situations, both of businesses as well as of individuals. It is a procedure that seeks, fundamentally, to organise the finances of the insolvent debtor in order for the greatest number of creditors to be able to recover the maximum amount possible.
In this procedure the weaker parties are provided greater protection, such as workers, and those parties whose involvement has been detrimental to the economic situation or who may benefit from the insolvency proceedings are relegated to secondary positions, for example, directors of the company or persons associated with the insolvent debtor.
The petitioning of insolvency proceedings does not involve the liquidation of the company, given that one of the principal objectives of the proceedings is its survival.
Insolvency proceedings may be voluntary (in the event that the insolvent debtor petitions the proceedings) or obligatory (if the creditors force the proceedings against the debtor).
LATEST NEWS
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Reyal Urbis continues under negotiation to refinance its debt |
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Reyal Urbis continues under negotiation with several financial institutions to adapt its business plan to market circumstances and to obtain debt refinancing of about 4,800 million which it currently holds and to avoid the risk of insolvency proceedings.
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Bankruptcies increased 525% in two years in Malaga |
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The bankruptcy proceedings have mushroomed dramatically in the province during the last two years. Of the 20 insolvencies seen in 2007, Malaga has grown to 125 in 2009. The figure represents an increase of 525% in just two years, according to the scale of the data prepared by the firm PriceWaterhouseCoopers (PwC).
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The insolvency proceedings grow 52% in the textiles sector in 2009 |
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The impact of the economic crisis in the textile sector during 2009 is becoming clear. Yesterday, PricewaterhouseCoopers made public its final Bankruptcy Schedule for 2009, leaving the textile as one of the most affected sectors.
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More than 600 companies in Valencia have entered into bankruptcy protection this year |
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Business insolvencies hit Spain hard and specially Valencia where 620 companies have gone bankrupt, as stated in the Euler Hermes Report.
The concentration of builders and promoters in the Valencia Region is causing the high number of insolvencies. The leader in insolvencies is Catalonia, which records 25% of all processes, while the third community is Madrid, whose total number is closely followed by Valencia, while the fourth community is Andalusia with a total of 415 bankruptcies.
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Affected creditors of Hotel Los Monteros create a joint platform |
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The situation of hotel Los Monteros in Marbella (Málaga) doesn’t improve. On 19 November the Hotel entered into an insolvency procedure and this had his first impact with the creation of a platform for affected creditors that seeks to "unite the strengths of all creditors." This platform, which is lead by the law firm Lexland Marbella, is developing a strategy and a series of actions against the debtor companies, according to the responsible of the bankruptcy department, Cuesta Dimas. It’s very important for the stakeholders, whether employees or suppliers, to communicate their debts within one month after publishing the insolvency in the Official State Gazette (BOE).
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The insolvency procedures in the Valencia Community show an increase of 152% |
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The Valencia Community recorded 697 insolvency proceedings until October, 152% more than the same period in 2008, according to the 'corporate Radar' performed by Axesor.
This volume is the second highest of Spain, after Catalonia, with 1037 cases and an increase of 137%. In Spain, the total reached 4225, (+129%).
The construction sector, with 1454 cases, and the manufacturing sector, with 958 cases, counted for almost 60% of the insolvency procedures registered in Spain.
Source Las provincias |
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Afinsa will go into liquidation |
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The affected creditors of Afinsa will receive a maximum of 33% of money invested. As reported by the High Court of Madrid, the holder of the court, Francisco Javier Vaquer, however temporarily suspends the obligation of the receivers to present a plan to sell the assets of the company and to begin to pay the 190,666 creditors.
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Quality Hotels & Resorts owes more than 9 million euros |
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The company Quality Hotels & Resorts that administrates the hotels Xibana Park and La Paz in Tenerife filed for insolvency at the end of 2008. The insolvency administrators designated by the Commercial Court of Santa Cruz of Tenerife revealed that the company has an estimated debt of 9 million euros.
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The amount of insolvency procedures in the Valencia Region increases with 52.7% |
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A total of 165 families and companies of the Valencia Region have been declared insolvent during the last trimester of 2009, which represents an increase of 52.7% with regard to the same period of 2008, and this situates Valencia, after Catalonia, as the second region with the highest amount of insolvency procedures.
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Insolvency
